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LEDA announces year-in review for Lubbock economy

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Updated: 10/16/2013 12:39 am

The Lubbock Economic Development Alliance released it's year-in-review at the Lubbock Economic Forecast luncheon Tuesday. Over 700 jobs were created in Lubbock this year. That's an economic impact of over $20 million.

Marci Rossell, this year's keynote speaker, addressed the reasons behind global and national economic slumps. But Lubbock hasn't been on the receiving end of that.

Lubbock is one of the state's leaders in oil and gas, that boom continues to create jobs.

"We continue to focus on some of the oppportunities that are presenting themselves to us. Obviously, the oil and gas boom continutes to have a good impact not only on West Texas, but also in the Lubbock area," said John Osborne, CEO of LEDA, "We're hopeful that we can continue to see growth in that industry."

And even with a debt ceiling looming, Rossell said Lubbock remains strong in the housing market.

"When people lose their jobs, they can't make their house payment, and then when the value of that house goes down, they have no incentive to stay there because the value of the assets have gone down. So it's a double whammy. You didn't see either one of those things in Lubbock, so it's been a really stabilizing force that allows you to be on a stronger platform for future growth, because you're not having to get over all those othe problems that many other communities had to."

Rossell said another driving force is the population that stays after graduating college, making Lubbock their permanent residence.

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